Tradeweb sets 2026 adjusted expense guidance at $1.16 billion-$1.18 billion
TW•Tradeweb updated its 2026 adjusted expense forecast to $1.16 billion-$1.18 billion, citing business momentum and foreign exchange conditions. It expects adjusted EBITDA and operating margins to expand versus 2025, while October average daily revenue rose 26% year over year.
1. Updated expense forecast
Tradeweb updated its 2026 adjusted expense forecast to $1.16 billion-$1.18 billion, citing business momentum and foreign exchange conditions; spending is tracking near the midpoint. The company expects adjusted EBITDA and operating margins to expand versus 2025, though gains should moderate as investment continues.
2. Revenue and investment
October average daily revenue rose 26% year over year, with two month-end trading days remaining. Third-quarter revenue increased 14.9% to $585 million, supporting continued investment in technology, products and client relationships.
